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RETIREMENT AND BENEFIT PLANS (Tables) | 12 Months Ended
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Feb. 02, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Changes in Accumulated and Projected Benefit Obligations [Table Text Block] | Reconciliations of the changes in the projected benefit obligation (Pension Plans and SERP Plans) and the accumulated benefit obligation (Postretirement Plans) were as follows:
| Pension Plans |  | SERP Plans |  | Postretirement Plans
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of year | $ | 532.1 |  |  | $ | 573.2 |  |  | $ | 47.6 |  |  | $ | 56.3 |  |  | $ | 3.6 |  |  | $ | 4.0 |
Service cost, net of plan expenses | 7.9 |  |  | 18.0 |  |  | 0.8 |  |  | 1.6 |  |  | — |  |  | — |
Interest cost | 28.7 |  |  | 29.1 |  |  | 2.4 |  |  | 2.8 |  |  | 0.2 |  |  | 0.2 |
Benefit payments | (81.7) |  |  | (54.3) |  |  | (7.6) |  |  | (9.7) |  |  | — |  |  | — |
Benefit payments, net of retiree contributions | — |  |  | — |  |  | — |  |  | — |  |  | (0.9) |  |  | (0.8) |
Curtailment gain | — |  |  | (17.2) |  |  | — |  |  | (2.6) |  |  | — |  |  | — |
Actuarial loss (gain) | 3.6 |  |  | (16.7) |  |  | (0.7) |  |  | (0.8) |  |  | — |  |  | 0.2 |
Balance at end of year | $ | 490.6 |  |  | $ | 532.1 |  |  | $ | 42.5 |  |  | $ | 47.6 |  |  | $ | 2.9 |  |  | $ | 3.6 |
Service cost for both the Pension Plans and SERP Plans decreased in 2024 compared to 2023 primarily due to the plan freeze. In 2024, vested participants whose employment had been terminated were offered an opportunity to elect a lump sum payment of their accrued pension benefit from the Pension Plans. Payments of $41.5 million were made in the fourth quarter of 2024 to participants that made this election. These payments, together with $17.6 million of lump sum payments made in the normal course of business throughout the year, are included as benefit payments from the Pension Plans and constitute settlements that satisfied the Company’s remaining benefit obligations to the participants using assets from the Pension Plans. The actuarial gain included in the projected benefit obligation for both the Pension Plans and SERP Plans in 2023 was due principally to an increase in the discount rate.
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Reconciliations of the fair value of the assets held by the Pension Plans and the funded status were as follows:
(In millions) | 2024 |  | 2023
Fair value of plan assets at beginning of year | $ | 554.4 |  |  | $ | 570.2 |
Actual return, net of plan expenses | 4.8 |  |  | 38.5 |
Benefit payments | (81.7) |  |  | (54.3) |
Company contributions | 0.2 |  |  | — |
Fair value of plan assets at end of year | $ | 477.7 |  |  | $ | 554.4 |
Funded status at end of year | $ | (12.9) |  |  | $ | 22.3 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Company’s Consolidated Balance Sheets were as follows:
| Pension Plans |  | SERP Plans |  | Postretirement Plans
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Non-current assets | $ | — |  |  | $ | 22.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (6.0) |  |  | (9.4) |  |  | (0.4) |  |  | (0.5) |
Non-current liabilities | (12.9) |  |  | (0.2) |  |  | (36.5) |  |  | (38.2) |  |  | (2.5) |  |  | (3.1) |
Net amount recognized | $ | (12.9) |  |  | $ | 22.3 |  |  | $ | (42.5) |  |  | $ | (47.6) |  |  | $ | (2.9) |  |  | $ | (3.6) |
Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit cost recognized were as follows:
|  | Pension Plans |  | SERP Plans |  | Postretirement Plans
(In millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 10.7 |  |  | $ | 21.7 |  |  | $ | 31.3 |  |  | $ | 0.8 |  |  | $ | 1.6 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 28.7 |  |  | 29.1 |  |  | 25.3 |  |  | 2.4 |  |  | 2.8 |  |  | 2.8 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |
Expected return on plan assets |  | (32.9) |  |  | (33.8) |  |  | (41.7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain) |  | 28.9 |  |  | (25.1) |  |  | (70.6) |  |  | (0.7) |  |  | (0.8) |  |  | (6.7) |  |  | — |  |  | 0.2 |  |  | (1.1) |
Curtailment gain |  | — |  |  | (17.2) |  |  | — |  |  | — |  |  | (2.6) |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 35.4 |  |  | $ | (25.3) |  |  | $ | (55.7) |  |  | $ | 2.5 |  |  | $ | 1.0 |  |  | $ | (1.4) |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | (1.0) |
The net actuarial loss in net benefit cost in 2024 was due principally to the difference between the actual and expected returns on plan assets for the Pension Plans. The net actuarial gain in net benefit cost in 2023 was due principally to an increase in the discount rate. The net actuarial gain in net benefit cost in 2022 was due principally to an increase in the discount rate partially offset by the difference between the actual and expected returns on plan assets for the Pension Plans. The components of net benefit cost are recorded in the Company’s Consolidated Statements of Operations as follows: (i) the service cost component is recorded in SG&A expenses and (ii) the other components are recorded in non-service related pension and postretirement (cost) income.
Schedule of Accumulated Benefit Obligations [Table Text Block] | The accumulated benefit obligations (Pension Plans and SERP Plans) were as follows:
| Pension Plans |  | SERP Plans
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation | $ | 488.4 |  |  | $ | 527.9 |  |  | $ | 42.1 |  |  | $ | 46.9 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | As of February 2, 2025, both of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. A s of February 4, 2024, one of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. The balances were as follows:
(In millions, except plan count) | 2024 |  | 2023
Number of plans with projected benefit obligations in excess of plan assets | 2 |  |  | 1 |
Aggregate projected benefit obligation | $ | 490.6 |  |  | $ | 2.4 |
Aggregate fair value of related plan assets | $ | 477.7 |  |  | $ | 2.2 |
Number of plans with accumulated benefit obligations in excess of plan assets | 2 |  |  | 1 |
Aggregate accumulated benefit obligation | $ | 488.4 |  |  | $ | 2.4 |
Aggregate fair value of related plan assets | $ | 477.7 |  |  | $ | 2.2 |
As of February 2, 2025 a nd February 4, 2024, all of the Company’s SERP Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets as the plans are unfunded.
Defined Benefit Plan, Assumptions [Table Text Block] | Significant weighted average rate assumptions used in determining the projected and accumulated benefit obligations at the end of each year and benefit cost in the following year were as follows:
| 2024 |  | 2023 |  | 2022
Discount rate (applies to Pension Plans and SERP Plans) | 5.72 | % |  | 5.63 | % |  | 5.19 | %
Discount rate (applies to Postretirement Plans) | 5.53 | % |  | 5.36 | % |  | 4.98 | %
Rate of increase in compensation levels (applies to Pension Plans) | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Expected long-term rate of return on assets (applies to Pension Plans) | 6.25 | % |  | 6.25 | % |  | 6.25 | %
To develop the expected long-term rate of return on assets assumption, the Company considered the historical level of the risk premium associated with the asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation.
Schedule of Allocation of Plan Assets [Table Text Block] | In accordance with the fair value hierarchy described in Note 10, “Fair Value Measurements,” the following tables show the fair value of the total assets of the Pension Plans for each major category as of February 2, 2025 and February 4, 2024:
(In millions) |  |  |  | Fair Value Measurements as of February 2, 2025(1)
Asset Category |  | Total |  | Quoted Prices In Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Equity securities: |  |  |  |  |  |  |  |
United States equities(2) |  | $ | 32.4 |  |  | $ | 32.4 |  |  | $ | — |  |  | $ | — |
United States equity fund(3) |  | 76.9 |  |  | — |  |  | 76.9 |  |  | — |
International equity funds(4) |  | 49.6 |  |  | 21.6 |  |  | 28.0 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury securities fund(5) |  | 209.8 |  |  | — |  |  | 209.8 |  |  | — |
Government securities(6) |  | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
Corporate securities(6) |  | 80.5 |  |  | — |  |  | 80.5 |  |  | — |
Short-term investment funds(7) |  | 26.4 |  |  | — |  |  | 26.4 |  |  | — |
Subtotal |  | $ | 477.0 |  |  | $ | 54.0 |  |  | $ | 423.0 |  |  | $ | — |
Other assets and liabilities(8) |  | 0.7 |  |  |  |  |  |  |
Total |  | $ | 477.7 |  |  |  |  |  |  |
(In millions) |  |  |  | Fair Value Measurements as of February 4, 2024(1)
Asset Category |  | Total |  | Quoted Prices In Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Equity securities: |  |  |  |  |  |  |  |
United States equities(2) |  | $ | 45.1 |  |  | $ | 45.1 |  |  | $ | — |  |  | $ | — |
International equities(2) |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
United States equity fund(3) |  | 114.1 |  |  | — |  |  | 114.1 |  |  | — |
International equity funds(4) |  | 61.1 |  |  | 25.5 |  |  | 35.6 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury Securities fund(5) |  | 244.3 |  |  | — |  |  | 244.3 |  |  | — |
Government securities(6) |  | 1.1 |  |  | — |  |  | 1.1 |  |  | — |
Corporate securities(6) |  | 81.6 |  |  | — |  |  | 81.6 |  |  | — |
Short-term investment funds(7) |  | 5.8 |  |  | — |  |  | 5.8 |  |  | — |
Subtotal |  | $ | 553.4 |  |  | $ | 70.9 |  |  | $ | 482.5 |  |  | $ | — |
Other assets and liabilities(8) |  | 1.0 |  |  |  |  |  |  |
Total |  | $ | 554.4 |  |  |  |  |  |  |
(1)The Company uses third party pricing services to determine the fair values of the financial instruments held by the pension plans. The Company obtains an understanding of the pricing services’ valuation methodologies and related inputs and validates a sample of prices provided by the pricing services by reviewing prices from other pricing sources. The Company has not adjusted any prices received from the third party pricing services. (2)Valued at the closing price or unadjusted quoted price in the active market in which the individual securities are traded. (3)Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index. (4)Valued at the net asset value of the fund, either as determined by the closing price in the active market in which the individual fund is traded and classified within Level 1, or as determined by a pricing vendor or the fund family and classified within Level 2. This category includes funds that invest in equities of companies outside of the United States. (5)Valued at the net asset value of the fund as determined by the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States Treasury STRIPS. (6)Valued with bid evaluation pricing where the inputs are based on actual trades in active markets, when available, as well as observable market inputs that include actual and comparable trade data, market benchmarks, broker quotes, trading spreads and/or other applicable data. (7)Valued at the net asset value of the funds, as determined by a pricing vendor or the fund family. The Company has the ability to redeem these investments at net asset value within the near term and therefore classifies these investments within Level 2. These funds invest in high-grade, short-term, money market instruments. (8)This category includes other pension assets and liabilities such as pending trades and accrued income.
Schedule of Expected Benefit Payments [Table Text Block] | Currently, the Company does not expect to make material contributions to the Pension Plans in 2025. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates. The expected benefit payments associated with the Pension Plans and SERP Plans, and expected benefit payments, net of retiree contributions, associated with the Postretirement Plans are as follows:
(In millions) |  |  |  |  |  |
Fiscal Year |  | Pension Plans |  | SERP Plans |  | Postretirement Plans
2025 |  | $ | 46.1 |  |  | $ | 6.0 |  |  | $ | 0.4 |
2026 |  | 45.7 |  |  | 5.2 |  |  | 0.4 |
2027 |  | 45.7 |  |  | 4.9 |  |  | 0.4 |
2028 |  | 43.6 |  |  | 4.3 |  |  | 0.3 |
2029 |  | 42.9 |  |  | 4.0 |  |  | 0.3 |
2030-2034 |  | 187.9 |  |  | 15.3 |  |  | 1.1 |

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